Oklahoma General (Financial) Power of Attorney Form
An Oklahoma general (financial) power of attorney is a legally binding document that authorizes an appointed individual, referred to as the “agent,” to manage financial affairs on behalf of another person, referred to as the “principal.” The form’s purpose is to provide financial coverage for the principal while they are away from home for medical treatment, rehabilitation, long-term vacations, mandatory military service, a prison sentence, or other relevant matters. However, it is crucial to understand that a general power of attorney does not grant the agent the authority to make healthcare or legal decisions for the principal.
It is essential to understand that a general power of attorney does not obligate the appointed agent to their duties if the principal becomes mentally incapacitated. In such a scenario, the nominated agent’s abilities would immediately recede, and they would no longer be able to act for the principal.
Conversely, a durable power of attorney stays active even if the principal becomes mentally incapacitated. The appointed agent retains their powers until the principal dies or another person takes their place. This form provides the principal with an added layer of protection in case of unexpected incapacitation.
Laws: Title 58 Chapter 29